Need advice for opening up a new interest free bank card (& who to go with?)

4
Posted 1st NovEdited by:"MRR_ltd"
I don't know much about bank cards and have always had a debit card with Barclays. I want to take advantage of the interest free cards I see get posted on here. What would you guys suggest is the best offer out there?

I see 'Barclaycard 25 Month Purchase and Balance Transfer Credit Card (Based on a £1,200 credit limit)'
barclaycard.co.uk/per…-bt

It mentions 19.9% APR - I don't understand what this means. Thought it was interest free?

What about this? Standard HSBC Bank Account - is this interest free + credit limit?
hotukdeals.com/dea…558

Thanks
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What do you want the card for?
All credit cards are interest free if you pay them off in full every month.

Have a read of
moneysavingexpert.com/cre…ds/
Bobbajob01/11/2019 13:14

What do you want the card for?All credit cards are interest free if you …What do you want the card for?All credit cards are interest free if you pay them off in full every month.Have a read ofhttps://www.moneysavingexpert.com/credit-cards/best-0-credit-cards/


I want to be able to spend money on it, and spread it across a couple of months, instead of paying it off altogether straight away. Is this possible? Also what's normally the limit - notice barclaycard mention 1.2k - are there any that offer higher amount? I'm assuming you have to pay that off within the 25 month to not incur any charges?

Yes heard of money saving expert, thanks, will check that link out
I would advise you sign-up for somewhere like creditkarma.co.uk (was noddle.co.uk) or similar to get your free credit score, these sites also give you the personalised chances of you being accepted for each credit card and what credit limit or interest rate you are likely to find.

First of all these are credit cards, not bank cards. You have your bank setup with whoever you like and these credit cards can be completely separate from that, there is absolutely no reason to have a bank account with HSBC and also have a credit card with them. Best way would to keep you current bank account where it is (changing banks may affect the likelihood of you being accepted for your new credit card) and get a credit card with whichever company you like. Also you will want to be looking for one which mentions purchases and just ignore anything about transfering balances.

When you get a credit card you can pay off the balance in full, which is what a normal user should do with a credit card, but these 0% purchases ones for X amount of months you would set your direct debit to just take the minimum payment, if you don't and you pay nothing you will be penalised.

I've used 0% cards and I've had a credit card since I've been 18, I've never paid any interest, but the worrying thing with 0% cards can be if you for example take out a 30 month one and after 25 months you decide to start paying it back, but you have racked up £1000, paying £200 back every single month can be a tricky task. The best way is to start paying back a set amount from the first bill date and aim to pay everything off a couple of months before the end date of the 0% period.

The interest rates mentioned for 0% cards will be if you don't pay anything back at all (not even the minimum payment) and will be the rate you would have to pay after the 0% period ends.

Virgin Money are doing a long period at 0% and I think you get free entry into their airport lounges.
MRR_ltd01/11/2019 13:34

I want to be able to spend money on it, and spread it across a couple of …I want to be able to spend money on it, and spread it across a couple of months, instead of paying it off altogether straight away. Is this possible? Also what's normally the limit - notice barclaycard mention 1.2k - are there any that offer higher amount? I'm assuming you have to pay that off within the 25 month to not incur any charges? Yes heard of money saving expert, thanks, will check that link out


The main problem with getting a 0% card is that if this is your first credit card you probably won't get a very high limit and they won't want to change that until a fair amount of time has passed. They will all give you a different limit. You will have to pay off the minimum amount every month for those 25 months and have it all payed off by the time that 25 months ends.
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